A cobweb is seen in front of the logo of Swiss bank UBS in Zurich
A cobweb is seen in front of the logo of Swiss bank UBS in Zurich Reuters

Switzerland's banking industry may have to slash 10,000 jobs by the end of next year, particularly at Swiss subsidiaries of big foreign banks, Swiss newspaper SonntagsZeitung reported.

I expect around 10 percent of jobs in the Swiss banking industry to disappear by the end of next year, Eduardo Leeman, head of Falcon Private Bank, was quoted as saying in the newspaper report.

The paper also quoted another banker as saying foreign banks, in particular Italian and French lenders, were likely to slash jobs.

Banks around the globe have announced massive job cuts to reduce costs. UBS said earlier this week it would axe 3,500 jobs and rivals such as Barclays, Goldman Sachs, Credit Suisse and HSBC have also announced thousands of job cuts in recent weeks.

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